Closing the SBA 504 Loan

Each SBA 504 Loan that is approved must be closed with the assistance of CDC counsel who provides the mandatory opinion of CDC counsel. Any licensed attorney can close an SBA 504 Loan. The SBA, however, in an effort to speed up the review of 504 Loan closings, instituted the expedited closing procedure for closing attorneys to build expertise, receive training and become prequalified to submit loans to their SBA District Counsel. The attorneys who complete the procedure are approved as "Designated Attorneys."

SBA outlines the requirements for attorneys interested in becoming "Designated Attorneys" in SOP 50-10(4), Subpart "H", Chapter 22, Section 7.

Click here to review the requirements.

504 Loan Closing Training

NADCO presents the SBA-approved courses that are required for Designated Attorneys. Regardless of whether an attorney desires to become a Designated Attorney, the training is helpful for all attorneys and their staff, as well as CDC personnel handling 504 Loan closings.

504 Loan Closing Course

The three-day 504 Loan Closing course that must be attended in its entirety by anyone wishing to become a Designated Attorney. Course Details

504 Loan Closing Update Course

The one-day 504 Loan Closing update course must be taken by Designated Attorneys every two calendar years to insure that the Attorney remains curent on legislative or regulatory changes to the 504 Loan closing process. Course Details

At the conclusion of each of the courses, NADCO forwards the participant list to SBA to update its records.

NADCO always offers a full series of training classes in the spring in conjunction with NADCO's Annual Meeting - usually in late April or early May. There is also a fall training series that is normally scheduled in late October or early November. Please click on the "Calendar" section of this website to get dates for all scheduled training.

For any additional information on NADCO training, please call (703) 748-2575.

Benefits of NADCO Membership

NADCO encourages all Designated Attorneys and those interested in becoming designated, to join NADCO. Our association provides a wealth of information to members including sample forms that can be downloaded from this website, modified and used for closing 504 loans.

NADCO keeps members informed of any legislative or regulatory changes affecting the 504 Loan industry and notifies members immediately when requirements change in packaging, closing and servicing loans via Technical Issues Memos.

Membership also entitles members to attend training and meetings at a reduced fee.

Here is a listing of 504 closing counsel who are members of NADCO. It is arranged by state in which they are licensed to practice law. As CDC members expand into new territories they often need to locate a qualified closing attorney and we hope this listing will be useful.

Please click here "Join NADCO" for information on becoming a member. Annual dues are only $300.00 and begin with our fiscal year on October 1.